Wang Tak doubles stake in PureCircle

Wang Tak has virtually doubled its stake in PureCircle, the high purity stevia products firm, earning it representation on the UK company's board.

PureCircle placed 10m new ordinary shares with Wang Tak at 200p each. That bumped up Wang Tak's stake in PureCircle to 11.7% from 6.0%. PureCircle will invite a representative of Wang Tak to be appointed a Non-Executive Director of the company.

The share placing will raise £20m before expenses. The proceeds will boost working capital to support growth, the further strengthening of the group's supply chain and to reduce net debt.

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PureCircle Chairman, Paul Selway-Swift, said: "We are delighted to have secured the support of such a quality long term investor as Wang Tak. They share our vision for the development of high purity stevia into a mainstream global ingredient industry and they have the resources and long term investment perspectives to help support our ambitions."

PureCircle, which makes sweeteners based on the stevia herb, left a sour taste in investors' mouths in early July as it admitted sales in the second half of its financial year had been below expectations.

That prompted a dip in the share price but steady stake building by Wang Tak since April of 2012 has put a floor under the price of the shares.

The share price had risen 2.94% to 192.50p by 10:44.

NR